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Introduced House Bill (H)

DIGEST

Small business development. Requires the Indiana housing and community development authority (authority) to develop and implement a program to award grants of not more than $25,000 to eligible entities to support new small business concerns. Defines "eligible entity" as an organization: (1) that is located in the United States; (2) the primary purpose of which is to support new small business concerns; and (3) that is often classified as an accelerator. Defines "small business concern" to mean a small business that has been in operation for not more than five years. Requires an eligible entity to obtain 50% matching funds Small business development. Requires the Indiana housing and community development authority (authority) to develop and implement a program to award grants of not more than $25,000 to eligible entities to support new small business concerns. Defines "eligible entity" as an organization: (1) that is located in the United States; (2) the primary purpose of which is to support new small business concerns; and (3) that is often classified as an accelerator. Defines "small business concern" to mean a small business that has been in operation for not more than five years. Requires an eligible entity to obtain 50% matching funds from other sources in order to qualify for a grant. Appropriates $1,000,000 to the authority in the 2019-2020 state fiscal year and in the 2020-2021 state fiscal year. Requires the authority to award not less than 50% of the amounts appropriated to: (1) accelerators located in geographically underserved areas; and (2) accelerators for which not less than 50% of the small business concerns served by the accelerator are small business concerns that are: (A) owned and controlled by socially and economically disadvantaged individuals, formerly incarcerated individuals, or individuals with disabilities; (B) women's business enterprises; (C) minority business enterprises; or (D) veteran business enterprises. ... View more